The partnership reported a loss of 33 cents per limited partner
unit in contrast to the Zacks Consensus Estimate of earnings of
30 cents. Reported loss was wider than a loss of 19 cents in the
year-ago quarter.

Quarterly revenues of $1,420.5 million were below our projection
of $1,731.0 million. Comparing year over year, sales decreased
16.5% from $1,701.5 million, due to low natural gas sales.

Quarterly Cash Distribution

Last month, Energy Transfer announced third quarter distribution
of 89.375 cents per unit ($3.575 per unit annualized), unchanged
from the year-earlier as well as previous quarter distributions.
The distribution will be paid on November 14, to unitholders of
record as of November 6, 2012.

EBITDA & Operating Income

Adjusted earnings before interest, taxes, depreciation, and
amortization (EBITDA) for the quarter was $481.7 million compared
with $404.2 million in the year-ago quarter, reflecting robust
performance from the Interstate Transportation business unit.

Operating income of $291.9 million was up 6.6% from the third
quarter of 2011.

Distributable Cash Flow

Energy Transfer Partners reported distributable cash flow of
$339.5 million in the quarter, up from $266.1 million in the
prior-year quarter.

Capital Expenditure

During the quarter, maintenance capital expenditure totaled $27.0
million, down 14.1% year over year.

Balance Sheet

As of September 30, 2012, Energy Transfer had long-term debt
(less current maturities) of $8,690.7 million.
Debt-to-capitalization ratio was 52.7%.

Our Recommendation

We believe Energy Transfer Partners is well positioned to compete
in the natural gas midstream and transportation & storage
businesses with its geographically-dispersed asset mix. The
partnership has a significant market presence in each of its
operating areas, which are located in major natural gas-producing
regions of the U.S.

Earlier in October, Energy Transfer Partners merged with Sunoco
Inc. for $5.3 billion. The partnership will have the ownership of
Sunoco's branded retail business, general partner interest, plus
a 32.4% stake and incentives distribution rights in
Sunoco Logistics Partners L.P.
(
SXL
), a master limited partnership in which Sunoco had 34% stake.

With this acquisition, Energy Transfer Partners aims to penetrate
further in the crude oil transportation business as natural gas
supplies remain under pressure from decade-low prices.

Please note that once you make your selection, it will apply to all future visits to NASDAQ.com.
If, at any time, you are interested in reverting to our default settings, please select Default Setting above.

If you have any questions or encounter any issues in changing your default settings, please email isfeedback@nasdaq.com.

Please confirm your selection:

You have selected to change your default setting for the Quote Search. This will now be your default target page;
unless you change your configuration again, or you delete your
cookies. Are you sure you want to change your settings?